Qatar and Venezuela vowed Wednesday to cooperate within OPEC for the stability of the oil market, adding that embassies will be opened in each of the two countries.

"The two countries will extend their cooperation within the cartel to ensure the stability of the oil market and preserve the interests of producer and consumer nations," Qatar's Emir Sheikh Hamad bin Issa al-Thani and Venezuelan President Hugo Chavez said in a statement at the end of the Latin American's one-day visit.

Sheikh Hamad and Chavez, who held a series of talks, also agreed to open embassies in each of their respective countries with resident ambassadors, according to the statement carried by the official QNA news agency.

They also signed several accords focusing on the establishment of a joint cooperation commission and boosting commercial and technical cooperation by offering tax exemption and encouraging investments.

Chavez visited Qatar last year as part of a tour to personally invite members of the Organization of Petroleum Exporting Countries to last September's summit. Venezuela is the sole Latin American member of the oil cartel.—AFP.